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Security in the Financial Services sector

Are you ready for the "new"?

Overview

Digitalization changes the business and the way companies interact with their customers, manage their operations and respond to new competitors entering the market. With this important shift, we are also seeing dramatic changes to, and in some cases a complete disruption of, existing business models.

SECURITY FUNCTION ROLE

The security function has to align its approach to the company's business strategy, the changing threat landscape and emerging technology trends. It's an interesting and demanding environment in which to operate a security function.

Transforming security

Transformation effort should be closely lead and managed

Transformation process should be supported by specialists

Include a clear signal and a clear start

Investing in threat intelligence

Detection is the new protection

Determine where the greatest impact can be generated for the most reasonable investment

Technology like Security Information and Event Management (SIEM) is not a silver bullet

Building the right identity management program

Identity management is the foundation for an effective cyber security program

Identity management should be addressed from a process and technology perspective

Evolving challenges and greater connectivity create pressure to get identity management right

Architecting for failure and compliance

Build an architecture which is resilient to attacks and outages

Plan for failure

Transform the architecture patterns and blueprints to embed resilience, security and compliance through automated and modular elements

RECOMMENDATIONS

Financial Services Institutions need to transform the security function, and program and leapfrog into the next generation of cyber security management.

This change is critical to supporting digital disruption within the business and benefiting from cloud infrastructures. By adopting this new approach, coupled with a new mindset focused on innovation and turning the security function into an active business partner, financial services companies can better position themselves to protect the business and support future growth.

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